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Wellington property prices up 9.9% in a year; average over $600,000

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News from Trade Me
Wellington’s average asking price cracked the $600,000 mark for the first time after climbing 9.9 per cent on last year to reach $602,950, according to the latest Trade Me Property Price Index.

Head of Trade Me Property Nigel Jeffries said it’s full steam ahead for the Wellington property market as it continued its upward trend in October with many districts in the region breaking records. “The latest rateable value update by Wellington City Council has seen the average RV climb about 45 per cent which is incredible growth in just three years. While homeowners will be happy, those people trying to get their foot on the first rung of the Wellington property ladder will be finding it much harder.

“In the last six months, the average asking price in Wellington has jumped up a solid $31,550 and while this rate of growth can’t continue forever, it looks set to stay for the foreseeable future.”

Mr Jeffries said Wellington Central (up 9.4 per cent on last year to $721,450), Porirua (up 13.4 per cent to $640,450) and Upper Hutt (up 11 per cent to $539,850) reached new highs, while Lower Hutt (up 8.4 per cent to $559,050) remained at September’s high.

Medium size house (3-4 bedrooms) prices have risen the most in the Wellington region, with the average asking price hitting a new high of $637,550, up 11.9 per cent on October last year.

National asking price springs into action
Mr Jeffries said the national average asking price hit a new high in October, climbing 6.6 per cent on last year to $664,950 as spring continues to work its magic on the property market.

“Every region in the country saw property prices increase on 2017 with nine out of 15 regions reaching new record asking prices in October, including Auckland ($946,400), Canterbury ($481,050), Otago ($567,950), Waikato ($570,900) and Wellington ($602,950).

“Prices rise when demand outstrips supply which is what we’re seeing across the country. This is despite far more houses coming onto the market than last year, in October there was a 14 per cent boost in the number of properties for sale compared with 2017.”

Mr Jeffries said Queenstown “stood out like an expensive sore thumb” in October. “The average asking price in the district increased 16 per cent on last year, to reach a record average asking price of $1,347,450.” Wanaka also saw a significant 23 per cent bump to hit $1,069,750.

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